Publicly traded telemedicine company LifeMD announced it is partnering with women’s health-focused specialty pharmaceutical company ASCEND Therapeutics to improve access to EstroGel, a hormone therapy for postmenopausal women.
The FDA-approved gel is used to alleviate symptoms associated with a drop in estrogen levels. It is applied directly to the skin once a day and is used to help manage hot flashes, vaginal itching and dryness, night sweats and painful sex.
Through the partnership, patients can access LifeMD’s telehealth platform directly through EstroGel’s website and speak to a licensed provider in the U.S. to obtain a prescription. The medication can then be shipped to the patient’s home.
“By providing patient access to a high-quality physician at the moment they are searching for treatment, we are removing barriers to care – like lengthy appointment wait times and risk of inconsistent care by less experienced practitioners – while also improving health outcomes by providing on-demand and ongoing access to primary care providers,” Justin Schreiber, chairman and CEO of LifeMD, said in a statement.
THE LARGER TREND
LifeMD went public in 2001, and its stock is currently trading on NASDAQ for around $4.31 per share, down from its high of $29.40 in 2021.
In its second-quarter earnings report for 2023, the company reported revenue growth of 18% year-over-year to $35.9 million and highlighted it achieved a positive free cash flow ahead of revenue guidance.
Adjusted EBITDA increased to $1.7 million in Q2 2023 from an adjusted loss of $6.9 million in the same period last year, and it raised its 2024 revenue guidance from $146 million to $152 million.
In June, the telehealth platform launched its GLP-1 weight management program, which includes a mobile application, customized treatment plans, educational resources, clinical support, and access to medications like Ozempic and Wegovy if deemed appropriate by a provider.